Subj:  S&P press release
Date:  96-11-21 10:24:56 EST
Forwarded From:  ComixAce 
Forwarded By: [C--OF--O] at [aolsucks.com]       

*****

 NEW YORK, Nov 20 - Standard & Poor's today has lowered its senior secured
debt ratings on Marvel III Holdings Inc., Marvel (Parent) Holdings Inc., and
Marvel Holdings Inc. to single-C' from triple-C'-plus. The Marvel holdings
companies' corporate credit ratings are triple-C'-minus. 

    All ratings remain on CreditWatch with negative implications, where they
were placed March 13, 1996.
    Standard & Poor's has withdrawn and removed from CreditWatch its
single-B' corporate credit rating on Marvel Entertainment Group Inc. and its
preliminary single-B'/triple-C'-plus ratings on the company's $400 million
senior/subordinated shelf registration, which Standard & Poor's does not
anticipate the company drawing on in the near term. 
    Standard & Poor's has affirmed its outstanding ratings on Revlon
Worldwide Corp., Revlon Consumer Products Corp., Coleman Holdings Inc., and
Coleman Worldwide Inc.; however, the outlook is revised to negative from
stable.
    About $2.2 billion of Revlon rated debt is affected, and about $400
million of Coleman holding company debt is affected. 


[snip]

The Marvel-related rating actions consider Marvel Entertainment's strained
liquidity, deterioration of operating performance, and diminished prospects
for meeting its debt obligations.
    Marvel Entertainment's performance has resulted in a sharp drop in the
market price of the Marvel common shares that represent the collateral for
the holding company bondholders. 

    The Revlon outlook change reflects increased uncertainty surrounding the
refinancing of Revlon Worldwide Corp.'s $1.1 billion (maturity value) of zero
coupon bonds, which come due in March 1998.
    Despite strong operating results at Revlon Consumer Products Corp.
through Sept. 30, 1996, Standard & Poor's is increasingly concerned with the
lack of an explicit plan to address the refinancing and whether major
shareholder MacAndrews & Forbes Holdings Inc. will be willing to provide
support in any refinancing efforts. 

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